Drogs' Court Case

[Longfordian]

There's no new sports grants being approved this year so if there's work being done on it it'll be coming out of the FAI's funds or, less likely, Drogheda's.

[micls]

Dont get me wrong, I dont have a problem with the FAi helping upgrade grounds, the more quality grounds the better.

I think the way they refused to help Cobh makes this a bit unfair though

[Longfordian]

Agreed, it goes against their stated policy of not directly assisting teams in getting a Licence. Given that Drogs are the ones with the beneficial interest in the ground, they should be paying to upgrade it. The FAI only own €50,000 worth of it.

[ndrog]

bit rich considering we had to listen to the "save the drogs" band for about 10 weeks on this site. wont be shutting up till Drogs are in their rightful place...first or A division this season.

How did you have to listen to anything of the sort .There was nothing on here about saving the drogs except a tiny bit on the droghedaunited section of the forum

[pete]

I understand that the Drogs fans didn't have much choice but to stick with the Directors through the Examinership but if they allow them to continue to run the club that they came close to destroying then sorry but ye don't deserve any support or sympathy.

[Cosmo]

I understand that the Drogs fans didn't have much choice but to stick with the Directors through the Examinership but if they allow them to continue to run the club that they came close to destroying then sorry but ye don't deserve any support or sympathy.

From a Cork fan?

So are the cheques still bouncing?

6 months time come back to us....................

[wexfordned]

From a Cork fan?

So are the cheques still bouncing?

6 months time come back to us....................

Are Arkaga still owners of Cork. No f**kin way.

Did Anglo Irish Bank keep Sean Fitzpatrick as chairman after they almost went to the wall & had to bailed out by the state.

But sure good auld Vinny loves Drogs & it's all the councils fault they almost went bust

[Cosmo]

it's all the councils fault they almost went bust

Why do you say that? It's quite obvious it was the directors fault (as it was them who ran the club and made the decisions) we nearly folded as it was them that gambled with the future of the club and not having a plan b. I dont blame the council (even though an investigation into the planning in east meath should still go ahead, believe me that should still definitely happen!!) or the NRA.

Majority of drogs supporters will tell ye that (well all the lads i go the matches with agree with that anyway)

As for the club going forward - heard the directors are gona have no role in the day to day runnign of the club, but will be working aside on stadium relocation solely for the future.

A 5 man board of management will be running the club (and none of the 3 directors will be on this from what im hearing), supporters want a couple of places on this board of management, we'll have to wait and see

[pineapple stu]

As for the club going forward - heard the directors are gona have no role in the day to day runnign of the club

Rather naive to believe that, surely?

but will be working aside on stadium relocation solely for the future.

And that's the last place I would have thought they'd be trusted!

[ndrog]

Agreed .no more sodding property developments .Its a football club not a business oppourtunity ffs .We need to get rid of the people who have been there for the last few years .Tried and failed now bye bye

[pete]

Agreed .no more sodding property developments .Its a football club not a business oppourtunity ffs .We need to get rid of the people who have been there for the last few years .Tried and failed now bye bye

At least someone sees sense.

If Arkaga had tried to retain CCFC the club would now cease to exist. There is not chance any supporter funds would have gone to prop them up.

[Drogman.]

Agreed .no more sodding property developments .Its a football club not a business oppourtunity ffs .We need to get rid of the people who have been there for the last few years .Tried and failed now bye bye

Easier said that done lads. Who will buy the shares that the 3 directors own at the moment? It adds up to about €3 million or so.

I can't see another fundraiser solving that. At the moment the 3 main directors are stepping aside. Yes they'll be still directors but at least they recognise now that the time is right to leave someone else take up the work of running the club.

An annoucement will probably be made tomorrow at a press conference if all goes well, and all the details will be revealed.

We're moving forward with this and hope to make significant progress over the next few weeks.

[harps1954]

Easier said that done lads. Who will buy the shares that the 3 directors own at the moment? It adds up to about €3 million or so.

I can't see another fundraiser solving that. At the moment the 3 main directors are stepping aside. Yes they'll be still directors but at least they recognise now that the time is right to leave someone else take up the work of running the club.

An annoucement will probably be made tomorrow at a press conference if all goes well, and all the details will be revealed.

We're moving forward with this and hope to make significant progress over the next few weeks.

So Drogheda went through the examinership process, paid off their creditors at a fraction of what they were owed and the 3 Directors in the club still own shares of €3 million. How the hell can that happen? Why is their share value in the club not reduced in line with what the creditors accepted? And, if they step aside and leave the running of the club to others and they rake up debts this season of a million euro, who is ultimately responsible - those running the club or the Directors who have €3 million euro worth of shares?

[Drogman.]

So Drogheda went through the examinership process, paid off their creditors at a fraction of what they were owed and the 3 Directors in the club still own shares of €3 million. How the hell can that happen? Why is their share value in the club not reduced in line with what the creditors accepted? And, if they step aside and leave the running of the club to others and they rake up debts this season of a million euro, who is ultimately responsible - those running the club or the Directors who have €3 million euro worth of shares?

Don't quote me on those shares, but that's what I know from the last document I read. I assume that they are still in place, but could be corrected.

Well the people who will be in charge in running the club will be the ones designing the budget for the year and managing the income and expenditure.

I am looking forward to see how this works and we (As in the supporters club) are working closely to make sure that we can provide all the help to move things forward.

Anyway as said, more details will be revealed tomorrow if all goes well at the press conference.

[charliesboots]

Don't quote me on those shares, but that's what I know from the last document I read. I assume that they are still in place, but could be corrected.

Well the people who will be in charge in running the club will be the ones designing the budget for the year and managing the income and expenditure.

I am looking forward to see how this works and we (As in the supporters club) are working closely to make sure that we can provide all the help to move things forward.

Anyway as said, more details will be revealed tomorrow if all goes well at the press conference.

If Drogheda have come through the examiner process debt free then the shareholders loans (which they seem to be) should have been wiped.

[pineapple stu]

I think the point is that many of the loans were converted into shares, in which case, the issued share capital is E3m (give or take). However, that's well different from saying they're worth E3m. They're worth what people will pay for them based on the underlying assets. Which is roughly nothing.

[charliesboots]

I think the point is that many of the loans were converted into shares, in which case, the issued share capital is E3m (give or take). However, that's well different from saying they're worth E3m. They're worth what people will pay for them based on the underlying assets. Which is roughly nothing.

If thats the case then you're right. Either way it seems there shouldn't be any moneys outstanding to the directors.

[SeanDrog]

If thats the case then you're right. Either way it seems there shouldn't be any moneys outstanding to the directors.

who said there was

They bought the shares and this gives them ownership of the company - either they give up these shares to another party free of charge or another party will have to buy them out at an agreed price - they are only worth what someone is willing to pay for them. I fail to see your point about them being owed money?

The shares simply mean they own the company and control it. I am waiting with interest to see the details of the proposed new structure.

Drogman - is there a new fundraising committee (ie duck derby)?

[Drogman.]

who said there was

They bought the shares and this gives them ownership of the company - either they give up these shares to another party free of charge or another party will have to buy them out at an agreed price - they are only worth what someone is willing to pay for them. I fail to see your point about them being owed money?

The shares simply mean they own the company and control it. I am waiting with interest to see the details of the proposed new structure.

Drogman - is there a new fundraising committee (ie duck derby)?

I don't have all the details, but these things will be announced at the press conference tomorrow. I would imagine that a fundraising committee would be an essential part of their structure, but we'll see anyway.

[pete]

They're worth what people will pay for them based on the underlying assets. Which is roughly nothing.

Exactly. Drogs have no assets. Some Drogs need to stop accepting everything their Directors tell them. The club has no value just like CCFC had no value coming out of Examinership.